Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
my math was wrong, too busy doing tax returns to verify my work...
5.7% increase to PP+M&I, here is the correct calc:
Gold Reserve/Resource 12/31/2003 12/31/2004
PP... 896,122... 927,895
M&I... 1,283,191... 1,375,494
Total PP+M&I... 2,179,313... 2,303,389... 5.7%
Inferred... 1,169,371... 1,283,672... 9.8%
Total Resource... 3,348,684... 3,587,061... 7.1%
My math shows 48.3% increase in PP+M&I and 34.8% increase to total resources comparing 12/31/03 to 12/31/04. Note however that 12/31/03 Panama was for 60% interest last year vs. 100% owned now and 12/31/04 using POG = $400 vs. lower POG number last year. Nonetheless, these numbers are better than I expected and any reasonable person would assign a higher NAV to RNC Gold today vs. yesterday. But only unreasonable investors are trading today...!!
RNC Gold Reserve/Resource 12/31/2003 12/31/2004
PP... 896,122... 927,895
M&I... 1,283,191...2,303,389
Total PP+M&I... 2,179,313... 3,231,284... 48.3%
Inferred... 1,169,371... 1,283,672... 9.8%
Total Resource...3,348,684... 4,514,956... 34.8%
Nicaragua Politics-confusing and conflicting...
how this pans out is anybody's guess
____________________
Central American and Caribbean Deputies Work on Nicaraguan Crisis
Managua, Apr 4 (Prensa Latina) Central American and Caribbean Basin Congress chairmen (FROPEL) were supported by the Nicaraguan Executive and Legislative powers to try to find a solution to the political crisis.
President Enrique Bolaños threatened the National Assembly on Sunday with resorting to the Organization of American States (OAS) if it ignores Central American Court of Justice"s (CCJ) decision in his favour.
The single-chamber Parliament"s board issued a declaration in which it recognized the CCJ as the maximum legal authority in the country.
By this means, deputies have legitimated the performance by the Central American Court that cancelled last week the constitutional reforms ratified in January by most congressmen.
Bolaños insisted that the Sandinista National Liberation Front (FSLN) and the Constitutionalist Liberal Party (PLC) "are wrong" and want to evade the CCJ"s decision.
The executive"s head considers that the only alternative left is to comply with the sub regional tribunal"s decision, otherwise it will affect balance of powers.
The Republic"s general finance office began an investigation into a possible government payment to the CCJ to achieve a decision against constitutional reforms.
The Front"s General Secretary Daniel Ortega criticized that the presidency delivered $500,000 "as a payment" to that court, and that judges "pocketed" over $100,000 each, adding that paying that authority to decide in favour of Bolaños is degrading.
Faced with this dilemma, the parliamentary executives gathered Sunday in Managua, analyzed the crisis and recommended "to practice the principle of consensus, tolerance, and respect."
They were also in favour of maintaining democracy, governability, and social peace without deteriorating harmony among the State powers and institutions.
Congressional Chairman Sandinista Rene Nuñez and his counterparts from the participant nations signed the declaration.
Sources reported that a Nicaraguan deputy delegation will travel to sub-regional nations and FROPEL members to explain the current situation in Nicaragua.
msl/iom/rga/mf
"and the two sectors that look appealing to me are Defence and those darned Tanker stocks."
Well, I am glad to learn that although you favor the housing stock sector which I recollect you think will skyrocket in the near term, you are prudent/risk averse enough not to invest in this sector... Please advise.
Thanks!
Thanks for the link
My recollection is there will be pre-production gold from the incline drilling, but that it cannot be actually sold until GBN/HL obtains the commercial production permit.
Thus, GBN/HL should have nice cash flow from this pre-production gold ounce sale but not until the 2nd permit is obtained. Likely over $5M profit and would guess 2nd permit would not be obtained until 2006.
This is my recollection.
Welcome to the board, appreciate such intelligent questions.
Well, your post sure the heck confused me...
but I think I understand what you are saying, i.e. the ECB really does not own the gold, owns it on behalf of other European central banks...
and the ECB must maintain 15% of value of gold...
Markets Shrug Off Gold Sales by ECB
________________________
310 down and 290 to go to reach 500 limit for the year
Year 1/2 over =50%
Gold Sales to Date = 62% (310/500)
Thus the Central Banks have less gold to sell (38%) for the second half of the year ending Sept 26, 2005
_______________________
By Ambrose Evans-Pritchard
The Telegraph, London
Friday, April 1, 2005
The European Central Bank revealed yesterday that it had quietly
sold 47 tonnes of gold over recent months, but said it planned no
further sales before September.
The gold markets shrugged off the surprise announcement, which marks
the first time the ECB has joined national central banks in cutting
bullion reserves.
Gold rose in late trading in New York to reach $427.50 an ounce,
largely due to dollar weakness on US job figures.
The ECB said it had acted under the terms of a five-year deal by 15
European central banks to cap annual gold sales at 500 tonnes.
"It is not the ECB's intention to sell more gold for the first year
of the agreement starting on September 27, 2004 and ending on
September 26, 2005," the bank said.
The ECB's governing council has total freedom to juggle the bank's
reserves, which were inherited from the eurozone national banks at
the launch of the single currency in 1999. Gold makes up some 15
percent of the total.
The Swiss central bank has been a major seller under the accord, but
the Dutch and French have also been cutting their gold exposure.
Some 310 tonnes have now been sold since September by the signatory
banks.
The Bank of England withdrew from the accord last year, saying it
had no further plans to sell after cutting Britain's reserves by
half with auctions of 395 tonnes. Unlike the Bank of England, which
sold near the bottom of the market, the ECB has moved stealthily and
taken advantage of a sharp rise in bullion prices.
Analysts said that Asian central banks are most likely to be
snapping up the European sales to balance their own holdings. The
Chinese, Japanese, and Korean central banks collectively hold just
2 percent of foreign reserves in gold.
The completion of the commissioning of the Aguablanca nickel project is expected in the second quarter of 2005. Currently, the plant has achieved 72% of the design throughput and 55% of the design nickel grade in concentrate, 100% of the design copper grade in concentrate, 70% of the design nickel recovery and 100% of the design copper recovery. Aguablanca is projected to generate significant free cash flow over its mine life, and the opportunity exists to increase returns through the successful development of an underground mine below the open pit portion of the deposit.
_____________
Aguablanca Mine Project
In mid-December 2004, the construction of the Aguablanca open pit Ni-Cu-PGM mine and its on-site processing facilities was finalized, with commissioning commencing immediately thereafter. Certain design modifications that affect the SAG mill and flotation circuit have been identified and are being implemented at the contractor's cost under the existing lump-sum turn key contract for he construction of the plant. Performance tests to be completed by the contractor, Fluor Corporation, are required prior to handing over the plant facilities to the Company.
_________________________
Grandich
GBN recommendation
http://www.grandich.com/robtv.03.07.05c.htm
full interview
http://www.grandich.com/robtv.03.07.05b.htm
speaking of high octane, any comments on ARQ volume...
Martin M weighs in on Tim Wood article
"Gold and the CRB
Posted by Martin Murenbeeld on 25 March 2005 @ 12:47 PM
Gold is much too complicated to be "explained" by one variable, such as the CRB. I often say that there are a thousand variables that affect the gold price and we are lucky if we can identify the five or six that dominate at any one time. Clearly the Euro and gold are closely correlated at this time, and GATA wouldn't necessarily want to use that relationship as evidence of "manipulation". GATA could of course use oil prices at the moment, because gold is "undervalued" (statistically, compared with history back to 1970) in terms of oil. There is no end to this debate, of course. Tim has done an excellent job of bringing some "hard" (staistical) analysis to the argument. But those who don't want to be persuaded won't be."
http://www.resourceinvestor.com/pebble.asp?relid=8831
Sold about 15% of my position today at C$7.48
Private Company (hedge fund?) Chasm Lake took 4M of RNC's 8.9M Private Placement
http://www.sedar.com/csfsprod/data53/filings/00753960/00000001/e%3A%5CChasm%5C62-103%5CRNC.pdf
Here is some info on Chasm Lake gleaned from the internet:
You will find Chasm Lake to be a fluid environment with multiple opportunities for recognition, success and prosperity. We are aiming for the senior financial accountant who is ready to take on a Controller title or a relatively new Controller...not someone who's been in this role for a decade. You will gain practical, career enhancing experience across the four primary lines of business for which you’ll be responsible:
1. Portfolio of investments in global businesses;
2. One of the largest agricultural and rural real estate businesses in England;
3. A leading niche motor insurer in the UK, and;
4. A quality and value driven landlord in New York City and London.
The Group is privately held and does not seek outside investors. Operating companies are located in the US and UK. Investment companies are primarily located in “off shore” zones in Europe. Regions of investment focus are primarily in the US, Western and Eastern Europe, Russia and Asia. The management company where this position will be situated is located in midtown New York City. Light travel may be involved.
it's a lonely planet...
Afghanistan
................................................
Girding for Battle in the Spring?
Summary
The U.S. Army commander of Combined Task Force Longhorn in Western Afghanistan says his troops will soon redeploy to Eastern Afghanistan, just as the traditional spring campaigning season approaches. Both the coalition and the remnants of the Taliban have pledged to renew fighting once the snow melts and the passes clear, and it appears the United States is marshalling its forces in preparation for battle.
Analysis
U.S. Army Col. Philip Bookert, the commander of U.S. troops in Western Afghanistan, said March 14 his forces will soon be moving to Eastern or Southern Afghanistan. If Bookert's Combined Task Force Longhorn is redeployed to Eastern Afghanistan, his troops will be in a position to support a spring offensive to wipe out remnants of the Taliban and al Qaeda and perhaps capture Osama bin Laden.
In March 2004, similar preparations were being made by U.S. forces in Afghanistan, but rainy weather, troop rotations and political constraints made it a difficult time to act. Spring 2005 is different.
Already in place in Eastern Afghanistan, Combined Task Force Thunder consists of four infantry battalions operating in four provinces -- Konar, Jangarhar,Paktia and Khost -- along the Afghan-Pakistani border. On the Pakistani side lie the Federally Administrated Tribal Areas, over which Islamabad has very little authority and where Taliban and al Qaeda fighters often operate. Task Force Longhorn would add approximately 2,400 U.S. troops and units of the new Afghan National Army to the coalition order of battle.
Political preparations also are under way. During a visit to Afghanistan on March 17, U.S. Secretary of State Condoleezza Rice met with Afghan President Hamid Karzai and could have made final arrangements for a renewed offensive. Karzai also has been working his own Afghan network. On March 1, he appointed Gen. Abdul Rashid Dostum, senior warlord in Northern Afghanistan, chief of staff of the Afghan armed forces in order to secure the cooperation of the tribes under his influence.
There is a window of opportunity for U.S. military action in the border
region with Pakistan. Relations between the two countries are very positive
right now. Washington has just agreed to provide F-16s to Islamabad's air
force, and Pakistani President Gen. Pervez Musharraf has agreed to allow
International Atomic Energy Agency inspectors to investigate Pakistan's
nuclear program, which will enable the United States to gain additional
insights into the nature of the Iranian nuclear program. Pakistani
cooperation is necessary if the United States is to have a realistic chance
of locating bin Laden and denying the Taliban sanctuary on the other side of
the border. U.S. forces will have to conduct cross-border operations into
Pakistani territory, where the Taliban have established sanctuaries and have
been immune to U.S. attack.
The first shots in the renewed offensive might already have been fired. As
Rice visited Kabul, a bomb exploded in Kandahar, killing at least five people
and wounding several others. On the night of March 22, insurgents fired at
least eight rockets into a U.S. base near Khost and attacked three
Afghan-manned border posts. In response, U.S. aircraft launched from Bagram
Air Base near Kabul attacked the insurgents, who retreated toward the
Pakistani border. The next day, Task Force Thunder engaged insurgents as they
entered a village near the town of Asadabad in Konar province in search of a
Taliban bombmaker.
It appears the United States is marshalling its forces in preparation for
renewed operations in Afghanistan. If U.S. soldiers and Marines are able to
cross the border and actually pursue their quarry into Pakistan, they will
finally have a good chance of rolling up the Taliban and al Qaeda in the
region.
Interview with RNC Tom Lough/VP Finance:
http://streamer.freemarketnews.com:8080/ramgen/257/mp3/RNC31705C.mp3
Thomas W. Lough
Vice-President Finance
Thomas W. Lough, BScA, MBA, CGA, is Vice-President Finance of RNC Gold and RNC Resources. Mr. Lough was President, Finance and director, RNC Gold Inc., from March 2003; Vice-President, Finance and director, RNC Resources, Limited, from March 2001; Vice-President, Finance, Greenstone Resources Limited prior thereto. Mr. Lough has more than 22 years of experience in the financial sector and operational aspects of the mining business.
thanks for your input again this week, you are spoiling us...
http://www.investorshub.com/boards/read_msg.asp?message_id=5191980
March 2005 Presentation
http://www.rncgold.com/downloads/March2005Presentation.pdf
Trend is up
Posted: Wed, 23 Mar 2005
[miningmx.com] -- After announcing yesterday that he was to succeed Gold Fields' chairman Chris Thompson as chairman of the World Gold Council, Newmont Mining president Pierre Lassonde spoke to Bloomberg about the gold price.
"Gold prices are going to continue to go up. When we look at where we are today, we're in the fourth year of a bull market in gold. Our belief, looking at the dollar, looking at the world economy, it's got many more years to go," Bloomberg said, citing Lassonde.
"Once gold breaches $475 the next target will be $520," Lasssonde added.
"The next target on gold is $520 but that's not going to be this year. Before we see that we'll have to see the U.S. economy start to slow down appreciably. We haven't seen it yet. Maybe we'll see it this summer this year. Maybe it's only going to be next year."
by 2007, assuming RNC meets production plan, which is highly doubtful given past performance or highly likely if you are an optimist like me...
Nicaragua - 100K currently, potential above 115K ounces
Honduras - 75K ounces when and if acquired for stock plus debt
Panama - 48K-50K ounces beginning 3Q06
115+75+50 = 240K ounces maximum potential
My opinion, in reply to mineweb article...
(I have not done a full and complete income statement projection for RNC based upon the new numbers, but believe my model is materially accurate as posted below, after tax season I will do a very thorough update).
RNC has performed poorly since its inception in late 2003. Primarily because RNC has not produced gold ounces up to its mine plan potential and RNC has incurred sizeable losses because of its hedge book at $340 POG.
Both of these issues will hopefully soon turn around. Personally, I believe RNC is sandbagging at 100,000 ounces of gold production for 2005 in Nicaragua. The Bonanza and La Libertad mines have the potential to produce 114K ounces per year rather than 100K ounces. But, RNC has consistenly missed all their prior production targets and 1Q 2005 is now behind plan... Nonetheless, I believe Nicaragua should reach 110K production in 2006 without much difficulty based upon their technical reports. With increased production in Nicaragua, cash operating costs per ounce should decline given that energy/chemical costs remain constant (i.e. same fixed operating costs spread over increased ounces = a fall in cost per oz).
Second, the hedge book will be gone by April 2005. Thus, RNC will start receiving $420+ per ounce of gold sold rather than $340. RNC will finally have cash flow to finance their operations, and hopefully no more dilutive private placements will be needed.
The key to growth/increased profitability near term will be getting the Honduras mine purchased via RNC right of first refusal. San Andres/Honduras is very accretive to earnings and cash flow per share this year and in 2006, given that this deal is consummated along the guidelines previously announced (i.e. issue 5M shares + assume debt). The sooner RNC can close this deal, the better, IMO.
Bottom line, my model shows US$.07 EPS for 2005 using the updated RNC numbers, $420 POG, Nicaragua operations only, and only small loss from 1Q05 hedging. That works out to a PE raio of under 12x 2005 EPS. Assuming all operations come into production in 2007 (ie 240K ounces) and $420 POG and the Sandanistas don't expropriate or otherwise increase the taxes, I show EPS of US$.50 per share for 2007.
RNC has seriously disappointed investors heretofore, but I believe they finally have a plan they can and will meet in 2005. That is, 100K ounces at $285 cash operating cost. My research/model indicates this should be US$.07 per share for 2005, but we'll have to see if this pans out. Do your own due diligence.
CURRENCIES AND GOLD - Monty Guild
(found his Japan comments on 3/31/05 of interest)
As an experienced investor in precious metals and currencies, and as a card-carrying cynic, I am not at all surprised to see that Japan is out making announcements today designed to cause a rally in the U.S. dollar.
As you may know, Japan’s fiscal year ends on March 31,2005. As you undoubtedly know, Japan is the largest foreign holder of U.S. government debt. As one can easily surmise, Japan has had a very big decline in the value of their holdings in dollar bonds over the last year. Now that their year-end is approaching and they must publish a balance sheet of the value of their holdings, the Japanese are reverting to a time honored manipulative behavior that is scandalously engaged in by many central banks.
They are trying to get the dollar to rise so their balance sheet will look better on
March 31. They are making, and will continue to make announcements about how much they love the dollar, how undervalued it is, how they will continue to buy and hold dollars, and etc. The purpose of these rather ham handed pronouncements is to scare speculators and make it obvious that the Japanese will spend a lot of money on intervention to prop up the dollar between now and March 31.
Simultaneously, speculators are being warned that it will be expensive to bet against the Japanese who have a printing press working over time. They just take the money and buy dollar bonds with it. Actually, it is more complicated, but that is the end result. Thus, they accomplish two goals simultaneously. First, the Japanese prop up the dollar. Second, they send the value of the yen down and thus benefit Japanese export industries. From their side the speculators have also got a short-term reason to move out of currencies for a week or two. The selling of dollars with low interest rates to buy foreign currencies with higher interest rates is getting less attractive as recent rises in U.S. interest rates makes it less profitable.
Recent U.S. economic data continues to be negative for the dollar. Key takeaways from the data as we interpret it are:
1. Commodity prices are at 20 to 25 year highs. Soft commodities, like grains, and hard commodities, like energy and metals, are both at highs. This implies that inflation may have an up tick in coming months. This is bad for the dollar and good for precious metals.
2. U.S. deficits continue to grow as a result of both military and social expenditures, and there is no program in effect to do anything about them. Again, this is good for precious metals and bad for the U.S. dollar.
3. The demand from developing countries for raw materials is very strong and shows no long-term sign of slowing. Thus, we may see continued high commodity prices, and they may be with us for a prolonged period (with temporary periods of respite). This is positive for the long-term price trends of precious metals and energy.
In summary, all of these trends argue strongly for a continuation of the downtrend in the value of the dollar after the Japanese have had their end of the fiscal year currency rigging fun.
RNC aims for 4 Central America gold mines
By: Dorothy Kosich
Posted: '23-MAR-05 05:00' GMT © Mineweb 1997-2004
RENO--(Mineweb.com) A new gold mine in Panama is on the horizon for Toronto-based junior miner RNC Gold, which already has two producing gold mines in Nicaragua, and is in negotiations to acquire a fourth gold mine in Honduras.
In a presentation Tuesday to the Equicom Investor Relations Forum. RNC CFO Thomas Lough declared that the company's will have a combined 240,000 ounces of annual gold production as current projects evolve.
For 2005, RNC has budgeted production of 100,000 ounces of gold at a cash operating cost of $285/oz. In 2004, the company produced 80,662 ounces of gold at a cash cost of $313/oz. Lough also announced that the company was eliminating its 14,000-ounce hedgebook by the end of next month including buying back half of the book.
RNC Gold currently owns 100% of the Hemco/Bonanza underground mine and concessions, which produces 30,000 ounces annually and 100% of the La Libertad gold mine, a 70,000 ounce annual producer. Bonanza offers a land position of 205,000 hectares, the majority of which is unexplored. La Libertad reported an operating cash cost of $280/oz and is expected to have a 10-year mine life. Both mines are in Nicaragua. In its presentations, RNC has asserted that Nicaragua offers a long mining tradition, three successive free and democratic elections, a new Mining Law, a stable workforce, inflation which is under control, and no restrictions on capital.
The company has already began work on construction of the $14 million Cerro Quema mine in Panama, which is expected to have seven-year mine life and to produce 48,000 to 50,000 ounces of gold annually at a $200/oz cash cost. Lough said commercial production is expected to commence during the third quarter of 2006.
RNC is currently negotiating with Banco Atlantida, Honduras's largest bank, to acquire the remaining 75% of the San Andreas mine, according to Lough. A former Kennecott operation which was restarted in 2000, the San Andreas mine is a 75,000-ounce annual gold producer at a cash cost of $250/oz, he added. RNC managers are already operating the mine and the company owns a 25% interest. RNC Gold hopes to finalize the negotiations this year, Lough said.
During this year, Lough said, RNC intends to implement a drilling program to increase reserves and resources at La Libertad and Bonanza. As of December 31, 2004, Lough said the company reported 900,000 ounces of proven and probable reserves, and 2.2 million ounces of measured and indicated resources.
RNC is also bullish about its Picachos exploration property, located in a silver camp in the Durango State of Mexico.
For 2004 RNC reported a net loss of $2.1 million or (8-cents) per share, compared to a loss of $13.6 million or ($1.32) per share in 2993. During the fourth quarter of 2004, RNC reported a net loss of $1.9 million or (7-cents per share) compared to a loss of $8.3 million or (68-cents) per share for the same quarter of 2003.
The net loss of $1.875 million during the fourth quarter of 2004 was attributed to a non-hedge derivative loss of $1.2 million, $680,000 in interest expense related to a debt to CORNAP, a Nicaraguan government agency, and stock-based compensation expense of $382,000/ RNC also capitalized $500,000 related to a 20% acquisition of Hemco.
European Minerals preliminary prospectus
http://www.sedar.com/csfsprod/data53/filings/00743984/00000005/g%3A%5CSedar%5CEuropMin%5CProspectus2...
ANO - platinum
http://www.miningmx.com/platinum/425944.htm
SA’s platinum jigsaw
David McKay
Posted: Mon, 21 Mar 2005
[miningmx.com] -- THE development of new mines in South Africa’s prodigious Bushveld Complex – an area in North West province that supplies two-thirds of the world’s platinum – will be crucial to platinum prices in the long term. That’s according to research by RBC Capital Markets, a Canadian stockbroker that also advises junior mining firms in South Africa to find a way to consolidate their properties to counteract dwindling interest in financing projects.
The pull-back in investment by Anglo Platinum in South Africa and Impala Platinum in Zimbabwe is likely to re-ignite fears of a chunky supply deficit in platinum group metals (PGMs). It’s also likely to create a window of opportunity for the myriad of junior mining firms (predominantly in South Africa) scouring the Bushveld Complex for PGM reserves.
In fact, according to a recent presentation by Ridge Mining, a British-listed platinum firm operating in South Africa, there are at least 12 new PGM projects in North West province to add to its 16 operating mines. Given South Africa’s market dominance, and accepting that the current market has become supply driven, new platinum mining firms will exert increasing influence over PGM prices – but only if they can bring their projects on stream.
That’s the problem. RBC Capital Markets analyst Georges Lequime raises the interesting conundrum that, for all its entrepreneurial abundance, there’s limited appetite to fund South Africa’s platinum juniors. Says Lequime: “Junior mining firms may need to embrace the idea of consolidation and asset swapping to counteract the South African market’s dwindling appetite to fund new PGM projects.”
“Many juniors will have to develop ‘bolt-on’ developments for the major mining firms that need the resources,” says John Meyer, an analyst at Numis Securities in Britain. Michael Solomon, CEO of the recently launched Wesizwe Platinum, accepts the need to consolidate. “We acknowledge the area in which we operate is like a chequerboard, but we could consolidate it after a period of time.”
But much depends on where the properties exist, says John Gould, CEO of Platinum Group Metals, a Canadian-backed junior mining firm operating on the western side of the Bushveld Complex. PGM deposits in the northern part of the Bushveld are generally deeper than the western side. Says Gould: “No small operator with a market cap of between US$20m to $30m is going to be able to finance a mine running at depths of between 600m and 1 000m at a R2,5bn investment – particularly if payback in two years’ time is being sought. Scale is the issue here.”
The fragmented ownership st*/ructure of South Africa’s Bushveld is largely a function of empowerment legislation, which has seen dominant mineral rights owners recognise “use it or lose it” principles. Consequently, juniors have picked up what they could, according to Francis Johnstone, commercial director of Ridge Mining. He says that a patchwork of mineral rights has been created but few of the operators have the expertise or backing to develop a mine.
Lequime says: “We believe the current tightness in the platinum market could last for another 12 to 18 months. Beyond that time period, the degree of market tightness will depend on the rate at which new projects in South Africa are brought on line. “That leads us to believe that the longer-term platinum price will be determined by the viability of new projects in South Africa.”
quit your whining, enjoy the new vibrant colors!!
http://www.investorshub.com/boards/read_msg.asp?message_id=5806365
Big Sandinista Support In Nicaragua
(Angus Reid Consultants - CPOD Global Scan) – The Sandinista National Liberation Front (FSLN) is the top political party in Nicaragua, according to a poll by CID-Gallup. 36 per cent of respondents support the political organization.
The FSLN was originally assembled in the 1960s as an armed group that opposed the dictatorial regimes of the Somoza family. After the government of Anastasio Somoza Debayle fell in 1979, the Sandinitas formed a transitional administration and later won a mandate in the 1984 presidential and legislative elections.
The Constitutionalist Liberal Party (PLC) is second with 28 per cent, followed by the Alliance for the Republic (APRE)—a party formed by PLC dissidents who support current president Enrique Bolaños—with one per cent. A third of respondents do not openly support any party.
In 2001, the PLC’s Bolaños won the presidential election with 56.3 per cent of the vote. The president lost the support of the PLC in January 2002, when his government decided to take legal action against former head of state Arnoldo Alemán. Last year, Alemán—who governed the country from 1997 to 2002—was sentenced to 20 years in prison for fraud, money laundering and embezzlement.
In the November 2001 National Assembly election, the PLC elected 47 lawmakers to the 92-seat legislative branch. The FSLN was second, with 43 legislators.
Earlier this month, the FSLN officially designated Daniel Ortega as its presidential nominee. Ortega governed from 1985 to 1990, but was a losing candidate in the 1990, 1996 and 2001 ballots. The next election is scheduled for November 2006.
Polling Data
What political party do you support?
Sandinista National Liberation Front (FSLN)
36%
Constitutionalist Liberal Party (PLC)
28%
Alliance for the Republic (APRE)
1%
Other
2%
Not sure
33%
Source: CID-Gallup
Methodology: Interviews to 1,281 Nicaraguan voters, conducted from Feb. 23 to Mar. 2, 2005. Margin of error is 2.8 per cent.
thanks for that chart...
decided to play around with the new stockcharts.com format
Private Placement closes tomorrow... We'll be interesting to see how RNC trades post the PP. Evidently, management did not/could not participate. Will be interesting to see if RNC Management picks up shares after this PP is complete, they are then legally able to do so... Speculation is that RNC management will pick up some shares at this price, but whether anything meaningful/significant, we will just have to wait for SEDI filings...
US$ - New Stockcharts.com chart
Hi again Louis, what's your take on the combined futures and options on gold. Yes, there was considerable OI volume increase in the futures, but the combined futures and options really shows the option component was more subdued..., as we head into options expiration. Any thoughts here?
http://news.goldseek.com/COT/1111181577.php
thanks..., enjoy your weekly updates!!
http://www.investorshub.com/boards/read_msg.asp?message_id=5191980
Those April options expire on March 28th..., then we will see what develops...
par schmarr
Canadians in Huge U.S. Securities Sell-off
By Canadian Press
17 Mar 2005 at 09:25 AM EST
OTTAWA (CP) -- Canadians divested a record $3.2 billion in foreign stocks in January but continued to buy foreign bonds, Statistics Canada says.
''Sales of U.S. stocks accounted for most of the divestment, with Canadian investors selling $2.4 billion worth, amounting to the largest ever monthly selloff of U.S. stocks by Canadian investors,'' the agency said Thursday.
Canadians bought $717 million in foreign bonds in January, down significantly from the $2.1 billion bought in December.
''Purchases were solely in U.S. treasuries as Canadian holdings of all other foreign bonds decreased,'' Statistics Canada said.
Foreign investors bought $1.8 billion worth of Canadian securities, consisting entirely of debt instruments, the agency said Thursday.
Their holdings of Canadian bonds increased by $638 million in January, mostly offsetting a December divestment of $701 million.
Buying was entirely concentrated in $2.1 billion in federal government bonds as all other sectors experienced a decrease in foreign holdings, the agency said.
''Total net new issues of Canadian bonds - new issues less retirements - reached its lowest level since January 2003 (-$1.7 billion).''
New issues in foreign markets by all sectors combined totalled $157 million, a 20-year low.
''Foreign investors purchased $1.2 billion in Canadian money market paper in January, more than reversing their sales of the previous two months,'' Statistics Canada said.
''Investment in federal government enterprise and corporate paper accounted for the bulk of the purchases. U.S. investors were by far the largest purchasers, buying $1.9 billion worth in January, with the rest of the world offloading some of their holdings.
''January's investment by U.S. investors was their largest in Canadian money market paper since December 2000.''
Foreign investors increased their holdings of Canadian stocks by $342 million, but that was entirely offset by sales of $350 million in existing shares.
good article by Tim Wood
http://www.resourceinvestor.com/pebble.asp?relid=8693
do you mean buy or sell...?
The main driver to 2005 gold ounce production growth will be the San Andres/Honduras acquisition on which RNC has a 25% option and right of first refusal for the remaining 75%, currently owned by a Honduras Bank. This acquisition needs to be completed, the sooner the better, as it is accretive both to EPS and cash flow. This is the primary reason for the updated fact sheet 2005 ounces you referenced. San Andres was supposed to close in Jan 05.
1st Quarter 2005 forecast results were certainly less than plan. 1Q05 will be RNC worst quarter this year, IMO. Hedge book will be gone by April 2005, and then cash flow will improve greatly.
This is the final puke point, IMO. Buy below C$.96, likely to go under C$.95 given the amended PP terms. PP scheduled to close about March 22nd.